Reference no: EM131821423

Problem - Journalize all transactions for Bird's Eye MusicBird's Eye Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 360-day year.)

2011

Dec. 6 Received a $6,000, 90-day, 15% note on account from BoE PublishingBoE Publishing.

Dec. 31 Made an adjusting entry to accrue interest on the BoE PublishingBoE Publishing note.

Dec. 31 Made a closing entry for interest revenue.

2012                                      

Mar. 6 Collected the maturity value of the BoE PublishingBoE Publishing note.

Jul. 1 Loaned $10,000 cash to Main Street MusicMain Street Music, receiving a 6-month, 14% note.

Oct. 2 Received a $2,600, 60-day, 14% note for a sale to Skip's MusicSkip's Music. Ignore cost of goods sold.

Dec. 1 Skip's MusicSkip's Music dishonored their note at maturity; wrote off the note as uncollectible, debiting Allowance for uncollectible notes.

Dec. 30 Collected the maturity value of the Main Street MusicMain Street Musicnote.